Jane Street not co-operating in ongoing probe, says India government source

New Delhi: US trading firm Jane Street is not co-operating with the income tax department in the ongoing investigation against the firm, a government source who has been briefed on the matter told Reuters on Friday.

India's income tax authorities are reviewing documents across the local offices of Jane Street and its trading partner Nuvama Wealth, two sources aware of the matter had said on Thursday.

"Their servers are located outside India and access is being blocked. The books of accounts are also maintained outside the country, despite the requirement under Indian company law to maintain them in India," the source said on condition of anonymity as the proceedings are confidential.

"They have only a skeletal staff present here, who are also not co-operating," the source added.

India's tax authorities did not immediately respond to queries sent on email. An e-mail sent to Jane Street's headquarters in the US outside office hours also did not get an immediate response.

India's markets regulator SEBI temporarily banned Jane Street from trading in Indian markets on July 4, alleging the firm manipulated stock indexes through its derivatives positions.

According to the regulator's order, the Jane Street group made a profit of $4.23 billion from trading in India between January 2023 to May 2025.

The US brokerage has deposited $567 million in an escrow account, representing what the regulator said are "unlawful gains," in a bid to resume trading while reserving its legal rights.

SEBI has since lifted restrictions placed on the firm but the company has continued to stay away from trading in India.